I want to try and get as many contacts as I can because from what I’m hearing it’s always good to have different lenders depending on the type of project.

Before you continue down the modification path much further I'd get in touch with someone who specializes in garage conversions or ADUs and get an approximate price and timeline and run the numbers again, it seems like you may be underestimating the cost, time, and difficulty of a project like this.

@Ahmad Fadhil what is the projected sale price?

Nice project!

Depending on taxable income of the LLC, your dad's other taxable income, projected growth of the business, and your dad's goals for the business, an election to have the LLC taxed as an S Corp or a C Corp might make sense now or in the future. 

@Michael Bertsch If you were doing some kind of expansive yard project that would prevent the tenant from using the yard then I would give notice, but that obviously is not the case here.

Purchase price: $10,000 Cash invested: $43,000 Sale price: $110,000 Worked on the project from June to December, when we listed, closed the sale on March 1, 2018. 3 Bedroom 2 bath 1600 square feet.

Good luck with the project!

We attended an OZ Conference in Portland, Oregon where they already have a few projects up a running and have talked with a few contacts about setting up a fund.If you are genuinely interested I would love to connect you with the owner/organizer of the conference.

So should I start with fix and flips and just pay someone with part of the first loan to oversee the first project, and then use profits from there on out to pay someone until i leave my job?